17-63-806. Establishment of tax stability and trust fund -- Increase in tax levy -- Deposit or investment of funds -- Use of interest or other income.

435 words·~2 min read·/ut/title-17/chapter-63/17-63-806

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Effective 11/6/2025

(a)Notwithstanding anything to the contrary contained in statute, the legislative body of any county may by ordinance establish and maintain a tax stability and trust fund, for the purpose of preserving funds during years with favorable tax revenues for use during years with less favorable tax revenues.

(b)Each fund under Subsection (1)(a) shall be subject to all of the limitations and restrictions imposed by this section and Section 17-63-807 .

(c)The principal of the fund shall consist of all sums transferred to it in accordance with Subsection

(2)and interest or other income retained in the fund under Subsection (4)(a).

(a)After establishing a tax stability and trust fund as provided in Subsection

(1), the legislative body, in establishing the levy for the property tax levied by the county under Section 59-2-908 , may establish the levy at a level not to exceed .0001 per dollar of taxable value of taxable property increase per year that will permit the county to receive during that fiscal year sums in excess of what may be required to provide for the purposes of the county.

(b)Any excess sums so received are to be transferred from the county general fund into the tax stability and trust fund.

(a)All amounts in the tax stability and trust fund established by a county under this section may be deposited or invested as provided in Section 51-7-11 .

(b)The amounts described in Subsection (3)(a) may also be transferred by the county treasurer to the Public Treasurers' Investment Fund, as defined in Section 51-7-3 , for the treasurer's management and control under Title 51, Chapter 7 , State Money Management Act.

(a)The interest or other income realized from amounts in the tax stability and trust fund shall be returned to the county general fund during the fiscal year in which the income or interest is paid to the extent the interest or income is required by the county to provide for county purposes during that fiscal year.

(b)An amount returned in accordance with Subsection (4)(a) may be used for all purposes as other amounts in the county general fund.

(c)Any interest or income that is not returned to the county general fund in accordance with Subsection (4)(a) shall be added to the principal of that county's tax stability and trust fund.

Renumbered and Amended by Chapter 13 , 2025 Special Session 1